Too Big to Indict. HSBC Is Said to Avoid Charges Over Laundering

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Too Big to Indict. HSBC Is Said to Avoid Charges Over Laundering

Too Big to Indict. HSBC Is Said to Avoid Charges Over Laundering

NYT-

State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.

Instead, authorities on Tuesday are expected to announce a record $1.9 billion settlement with the bank, according to law enforcement officials briefed on the matter. The bank, which is based in Britain, faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.

While the settlement is a major victory for the government, the case raises questions about whether certain financial institutions, having grown so large and so interconnected, are too big to indict. Four years after the failure of Lehman Brothers nearly toppled the financial system, regulators are still wary that a single institution could undermine the recovery of the industry and the economy.

[NEW YORK TIMES]

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